Live News • 9h
BP Advances Toward Sale of UK Solar Farms to Kuwait Sovereign Fund Investors BP is in advanced talks to sell its British solar business, Lightsource, which has developed more than 300 UK solar farms, to investors including Qualitas Energy and Wren House, the infrastructure arm of Kuwait’s sovereign wealth fund, with proceeds intended in part for debt reduction.
The potential sale follows BP’s write-down of a significant portion of its low-carbon division and aligns with a broader refocus on core oil and gas operations, while still keeping some exposure to energy transition projects such as its Tangguh Ubadari CCUS development in Indonesia.
BP shares trade around £5.48, with the stock up 25.2% year to date, indicating the market has recently rewarded the group even as it reshapes its energy mix and trims lower-return or more complex businesses.
This pivot highlights a clear trade-off for investors between BP’s emphasis on near-term cash generation and balance sheet repair and the reduced direct ownership of UK solar growth assets. Announcement • 12h
BP p.l.c. Reportedly In Advanced Talks To Sell Solar Power Arm Lightsource to Consortium Backed By Kuwait Investment Authority BP p.l.c. (LSE:BP.) is in advanced talks to sell its solar power arm Lightsource to a consortium backed by Kuwait's sovereign wealth fund as the oil major retreats from renewables after abandoning a years-long green energy push. Qualitas Energy, a private equity firm focused on green energy, and Wren House, the infrastructure arm of Kuwait Investment Authority, have teamed up to bid for Lightsource, according to several people familiar with the matter. Analysts said the main attraction of the deal for BP was offloading the unit's billions of dollars in debt, and that the sale price was unlikely to be significant for the group. The sale of Lightsource, which was the largest solar developer in Europe when BP first invested in it in 2017, is part of a drive by BP to sell assets as it seeks to reduce debt and refocus on oil and gas after an ill-fated shift towards green energy, which it abandoned last year. While the consortium has emerged as the final bidder in the Lightsource sale process and a deal is expected soon, the people familiar with the matter cautioned the transaction was not yet confirmed and could fall through. The deal would add to the portfolio of Wren House, which has invested in assets including Associated British Ports and London City Airport since it was set up by Kuwait in 2013 as a Europe-focused infrastructure investor. The sale would be a boost for BP's new chief executive Meg O'Neill, who has endured a tumultuous beginning to her reign, including the sacking of chair Albert Manifold over "serious concerns" about his behavior. The dismissal sparked a public backlash from the Irish executive, who denied misconduct, and caused further upheaval at BP as O'Neill attempts to stabilise the business after a series of strategy and leadership changes this decade. Lightsource has 4 gigawatts of solar, wind and battery capacity in operation across 15 countries, roughly enough to be able to power up to 4 million homes. BP was previously seeking a new partner for the business before eventually deciding to put it all up for sale. The deal is likely to involve a buyer agreeing to take on several billion dollars of Lightsource's debt. Two years ago, BP paid more than $500 million to buy out its previous partner's 50% stake in a deal that saw it take on $2.8 billion of debt. Analysts questioned executives on the sale in February, with one asking if there was any "equity value" in the unit. BP said last year it would write off more than $4 billion of value attributed to Lightsource and its biogas company Archaea and has flagged another renewables-linked impairment of $1 billion to come in its second-quarter results next month. BP's decision to put Lightsource up for sale comes as O'Neill attempts to shore up the UK oil major's balance sheet and slim down the business to focus on oil and gas production, refining and trading. BP, Qualitas and Wren House declined to comment. Live News • Jul 24
BP Agrees to Sell Austrian Retail and EV Operations to Volenergy in Portfolio Shift BP has agreed to sell its Austrian convenience retail, mobility and EV charging operations, covering 250 BP‑branded sites, to Swiss energy company Volenergy AG. Completion is targeted by the end of 2026, and future use of the BP brand is secured via a licensing agreement.
The transaction is part of BP’s ongoing portfolio review aimed at simplifying its downstream operations and directing capital toward markets and businesses where it sees stronger return potential, while keeping consumer-facing brand visibility in Austria.
BP shares trade around £5.56, with the stock up 26.9% year to date.
This reshaping of BP’s downstream footprint points to a tighter focus on where capital is deployed, while the licensing deal preserves fuel and convenience branding in Austria, which could matter for longer-term brand equity even as ownership and operational risk shift to Volenergy.